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Cartis diligence evidence schedule

WhiteFiber NC-1

PRJ-WHITEFIBER-NC1 · Site · Madison, Rockingham County, North Carolina, United States

Record last updated Oct 28, 2026

Scope and capacity

WhiteFiber NC-1 is the former Unifi property at 805 Island Drive in Madison, North Carolina. Initial Nscale deployment and billing began in Q3 2026, but full acceptance of the contracted 40 MW critical IT load remains unverified. Duke completed work for initial 54 gross MW; the 99 gross MW agreement and larger expansion concepts are different, conditional scopes. Marketing and purchase-agreement acreage/area differ. Nscale's up-to-$1.2 billion deployment debt commitment is not WhiteFiber's still-proposed landlord financing; the $865 million contract is revenue. Operator-marketed liquid cooling and contractual network rights do not establish as-built performance or named carriers. Air-exempt classification and a proposed county tax grant do not establish all permits or an executed incentive. NC-2/NC-3 and Montreal facilities are excluded.

Headline: 40 MW Contracted critical IT

Numbers refer to their stated physical boundaries and are not added together. Source dates, claim dates and record updates have different meanings. Missing dates and locators are not inferred.

Claims and exhibit sources

Jump to a claim (33)

Purchase price · $45,000,000

Base acquisition cash consideration; not financing raised · WhiteFiber NC-1 (Project)

Claim AST-B4-029 · Recorded claim type: Base acquisition cash consideration; not financing raised · Review: Approved · Claim date: May 20, 2025

  1. Announcing NC-1

    WhiteFiber · Document date: May 6, 2026 · Supports

    Source reference: NC1-01 · Company primary

    Source URL

    https://www.whitefiber.com/blog/nc-1-data-center

  2. WhiteFiber Q2 2026 Form 10-Q

    SEC / WhiteFiber · Document date: Aug 12, 2026 · Supports

    Source reference: NC1-R01 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm

Site area · 96 acres

Approximate marketed site area; contract reports 94.83 acres · WhiteFiber NC-1 (Project)

Claim AST-B4-030 · Recorded claim type: Approximate marketed site area; contract reports 94.83 acres · Review: Approved · Claim date: Jun 2, 2025

Conflicting public evidence is preserved.

  1. Announcing NC-1

    WhiteFiber · Document date: May 6, 2026 · Supports

    Source reference: NC1-01 · Company primary

    Source URL

    https://www.whitefiber.com/blog/nc-1-data-center

Existing building area · Approximately 970,000 sq. ft.

Approximate marketed space; contract reports 946586 gross square feet · WhiteFiber NC-1 (Project)

Claim AST-B4-031 · Recorded claim type: Approximate marketed space; contract reports 946586 gross square feet · Review: Approved · Claim date: Jun 2, 2025

Conflicting public evidence is preserved.

  1. Announcing NC-1

    WhiteFiber · Document date: May 6, 2026 · Supports

    Source reference: NC1-01 · Company primary

    Source URL

    https://www.whitefiber.com/blog/nc-1-data-center

Anchor customer IT load · 40 MW

Contracted critical IT; full acceptance not established · WhiteFiber NC-1 (Project)

Claim AST-B4-032 · Recorded claim type: Contracted critical IT; full acceptance not established · Review: Approved · Claim date: Dec 18, 2025

Headline treatment: Selected headline

  1. WhiteFiber and Nscale announce 10-year 40 MW agreement

    SEC / WhiteFiber · Document date: Dec 18, 2025 · Supports

    Source reference: NC1-02 · Regulatory primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390025123321/ea026991801ex99-1_white.htm

  2. WhiteFiber September 2026 investor presentation

    SEC / WhiteFiber · Document date: Sep 14, 2026 · Supports

    Source reference: NC1-R02 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026099424/ea030525701ex99-1.htm

Anchor customer · Nscale entity

Contracted · WhiteFiber NC-1 (Project)

Claim AST-B4-033 · Recorded claim type: Contracted · Review: Approved · Claim date: Dec 18, 2025

  1. WhiteFiber and Nscale announce 10-year 40 MW agreement

    SEC / WhiteFiber · Document date: Dec 18, 2025 · Supports

    Source reference: NC1-02 · Regulatory primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390025123321/ea026991801ex99-1_white.htm

Contract value · Approximately $865,000,000

Ten year colocation service contract revenue including escalators and installation; not financing raised · WhiteFiber NC-1 (Project)

Claim AST-B4-034 · Recorded claim type: Ten year colocation service contract revenue including escalators and installation; not financing raised · Review: Approved · Claim date: Dec 18, 2025

  1. WhiteFiber and Nscale announce 10-year 40 MW agreement

    SEC / WhiteFiber · Document date: Dec 18, 2025 · Supports

    Source reference: NC1-02 · Regulatory primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390025123321/ea026991801ex99-1_white.htm

Utility agreement capacity · 99 MW gross

Commercially reasonable efforts target by May 2029; not delivered IT · WhiteFiber NC-1 (Project)

Claim AST-B4-036 · Recorded claim type: Commercially reasonable efforts target by May 2029; not delivered IT · Review: Approved · Claim date: Mar 26, 2026

Headline treatment: Separate claim, not added to the headline

  1. WhiteFiber 2025 annual report

    SEC / WhiteFiber · Document date: Mar 26, 2026 · Supports

    Source reference: NC1-03 · Regulatory primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1710350/000121390026035544/ea0279621-10k_bitdigit.htm

  2. WhiteFiber September 2026 investor presentation

    SEC / WhiteFiber · Document date: Sep 14, 2026 · Supports

    Source reference: NC1-R02 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026099424/ea030525701ex99-1.htm

Maximum site scale · 200 MW gross

Planned / design or future potential · WhiteFiber NC-1 (Project)

Claim AST-B4-037 · Recorded claim type: Conditional potential; later approximately300 gross MW commentary differs · Review: Approved · Claim date: May 6, 2026

Headline treatment: Conflicting source claims

Conflicting public evidence is preserved.

  1. Announcing NC-1

    WhiteFiber · Document date: May 6, 2026 · Supports

    Source reference: NC1-01 · Company primary

    Source URL

    https://www.whitefiber.com/blog/nc-1-data-center

  2. WhiteFiber September 2026 investor presentation

    SEC / WhiteFiber · Document date: Sep 14, 2026 · Supports

    Source reference: NC1-R02 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026099424/ea030525701ex99-1.htm

Planned investment estimate · $1,000,000,000+

Project cost estimate not financing · WhiteFiber NC-1 (Project)

Claim AST-B4-038 · Recorded claim type: Project cost estimate not financing · Review: Approved · Claim date: May 6, 2026

  1. Announcing NC-1

    WhiteFiber · Document date: May 6, 2026 · Supports

    Source reference: NC1-01 · Company primary

    Source URL

    https://www.whitefiber.com/blog/nc-1-data-center

Site address and parcel · 805 Island Drive, Madison, Rockingham County; Parcel 169992 identity

Purchase agreement property scope · WhiteFiber NC-1 (Project)

Claim AST-WD-N-ADDRESS · Recorded claim type: Purchase agreement property scope · Review: Approved · Claim date: Apr 10, 2025

  1. April 10, 2025 real-estate purchase agreement

    SEC / Bit Digital · Document date: Apr 10, 2025 · Supports

    Source reference: NC1-R06 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1710350/000121390025032598/ea023841901ex10-1_bitdigi.htm

Purchase agreement parcel area · 94.83 acres approx

Historical contract parcel; differs from marketed 96 acres · WhiteFiber NC-1 (Project)

Claim AST-WD-N-ACRES · Recorded claim type: Historical contract parcel; differs from marketed 96 acres · Review: Approved · Claim date: Apr 10, 2025

Conflicting public evidence is preserved.

  1. April 10, 2025 real-estate purchase agreement

    SEC / Bit Digital · Document date: Apr 10, 2025 · Supports

    Source reference: NC1-R06 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1710350/000121390025032598/ea023841901ex10-1_bitdigi.htm

Purchase agreement building area · Approximately 946,586 sq. ft.

Historical gross building area; differs from later 970000 marketing · WhiteFiber NC-1 (Project)

Claim AST-WD-N-AREA · Recorded claim type: Historical gross building area; differs from later 970000 marketing · Review: Approved · Claim date: Apr 10, 2025

Conflicting public evidence is preserved.

  1. April 10, 2025 real-estate purchase agreement

    SEC / Bit Digital · Document date: Apr 10, 2025 · Supports

    Source reference: NC1-R06 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1710350/000121390025032598/ea023841901ex10-1_bitdigi.htm

Ownership and operating entities · WhiteFiber reports full ownership; NC-1 Bidco is wholly owned by NC-1 Venture, itself wholly owned by WhiteFiber. Recorded deed chain not independently verified. entity scope

Issuer reported ownership · WhiteFiber NC-1 (Project)

Claim AST-WD-N-OWNER · Recorded claim type: Issuer reported ownership · Review: Approved · Claim date: Sep 14, 2026

  1. WhiteFiber Q2 2026 Form 10-Q

    SEC / WhiteFiber · Document date: Aug 12, 2026 · Supports

    Source reference: NC1-R01 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm

  2. WhiteFiber September 2026 investor presentation

    SEC / WhiteFiber · Document date: Sep 14, 2026 · Supports

    Source reference: NC1-R02 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026099424/ea030525701ex99-1.htm

Initial utility work completed · 54 MW gross

Duke delivery work completed; not metered operating IT · WhiteFiber NC-1 (Project)

Claim AST-WD-N-UTILITY · Recorded claim type: Duke delivery work completed; not metered operating IT · Review: Approved · Claim date: Sep 14, 2026

Headline treatment: Separate claim, not added to the headline

  1. WhiteFiber September 2026 investor presentation

    SEC / WhiteFiber · Document date: Sep 14, 2026 · Supports

    Source reference: NC1-R02 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026099424/ea030525701ex99-1.htm

Initial customer deployment and billing · Commenced Q3 2026; full 40 MW IT ramp remained subject to commissioning and customer acceptance. No full load achieved claim. milestone

Reported initial service; full ramp conditional · WhiteFiber NC-1 (Project)

Claim AST-WD-N-BILLING · Recorded claim type: Reported initial service; full ramp conditional · Review: Approved · Claim date: Sep 14, 2026

  1. WhiteFiber September 2026 investor presentation

    SEC / WhiteFiber · Document date: Sep 14, 2026 · Supports

    Source reference: NC1-R02 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026099424/ea030525701ex99-1.htm

Later company expansion potential · 300 MW gross approx

Planned / design or future potential · WhiteFiber NC-1 (Project)

Claim AST-WD-N-POTENTIAL · Recorded claim type: Conditional potential; conflicts with 200 gross MW footnote · Review: Approved · Claim date: Aug 12, 2026

Headline treatment: Conflicting source claims

Conflicting public evidence is preserved.

  1. WhiteFiber Q2 2026 results — corrected issuer release

    WhiteFiber / PR Newswire · Document date: Aug 12, 2026 · Supports

    Source reference: NC1-R09 · Party primary

    Source URL

    https://www.prnewswire.com/news-releases/whitefiber-inc-reports-second-quarter-2026-results-302848971.html

White fiber landlord permanent financing status · Lender exclusivity and diligence disclosed; definitive documents and customary approvals/conditions outstanding. Closing and amount not established in reviewed sources. status

Proposed financing; not closed capital · WhiteFiber NC-1 (Project)

Claim AST-WD-N-FIN-PENDING · Recorded claim type: Proposed financing; not closed capital · Review: Approved · Claim date: Aug 12, 2026

  1. WhiteFiber Q2 2026 Form 10-Q

    SEC / WhiteFiber · Document date: Aug 12, 2026 · Supports

    Source reference: NC1-R01 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm

Nscale Madison deployment financing · Up to $1.2 billion committed in a closed senior secured delayed draw facility for Nscale site retrofit, GPUs and networking. Drawn amount undisclosed; separate from WhiteFiber landlord financing and the Ward County loan. Goldman Sachs led Madison; J.P. Morgan co arranged. transaction scope

Tenant deployment commitment; not landlord cash raised · WhiteFiber NC-1 (Project)

Claim AST-WD-N-TENANT-DDTL · Recorded claim type: Tenant deployment commitment; not landlord cash raised · Review: Approved · Claim date: Aug 31, 2026

  1. Nscale closes DDTLs for Ward County and Madison deployments

    Nscale · Document date: Aug 31, 2026 · Supports

    Source reference: NC1-R07 · Party primary

    Source URL

    https://www.nscale.com/press-releases/nscale-3-billion-delayed-draw-term-loans

Corporate bridge loan context · NC-1 Venture borrower: up to-$100m facility, potentially $150m, supports data center and cloud initiatives. $20m assigned to B. Riley is part of initial $50m draw, not extra funding. No site allocation or current balance inferred. context

Platform level transaction · WhiteFiber NC-1 (Project)

Claim AST-WD-N-BRIDGE · Recorded claim type: Platform level transaction · Review: Approved · Claim date: Aug 12, 2026

  1. WhiteFiber Q2 2026 Form 10-Q

    SEC / WhiteFiber · Document date: Aug 12, 2026 · Supports

    Source reference: NC1-R01 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm

Purchase price contingent adjustments · Base cash price $45m; conditional $8m or $5m step up tied to 99 gross MW timing, plus $200000 per additional MW capped at $5m. Conditions do not prove payments made. transaction scope

Acquisition consideration; not financing raised · WhiteFiber NC-1 (Project)

Claim AST-WD-N-ACQ-CONTINGENT · Recorded claim type: Acquisition consideration; not financing raised · Review: Approved · Claim date: Aug 12, 2026

  1. WhiteFiber Q2 2026 Form 10-Q

    SEC / WhiteFiber · Document date: Aug 12, 2026 · Supports

    Source reference: NC1-R01 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm

Customer legal occupancy · Nscale holds contractual colocation license rights; the MSA disclaims a real property tenancy or leasehold. legal scope

Contract terms · WhiteFiber NC-1 (Project)

Claim AST-WD-N-LICENSE · Recorded claim type: Contract terms · Review: Approved · Claim date: Nov 22, 2025

  1. NC-1 master services agreement signed November 22, 2025

    SEC / WhiteFiber · Document date: Mar 26, 2026 · Supports

    Source reference: NC1-R05 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026034341/ea027830501ex10-29.htm

Cooling design · Operator markets direct to chip liquid cooling at NC-1. Contract leaves detailed cooling water temperatures/flows subject to customer basis of design and SLA amendment; as built thermal capacity not established. system

Planned / design or future potential · WhiteFiber NC-1 (Project)

Claim AST-WD-N-COOLING · Recorded claim type: Operator design and contractual scope; not metered performance · Review: Approved · Claim date: Not stated

Headline treatment: Separate claim, not added to the headline

  1. NC-1 specifications — undated current marketing page

    WhiteFiber · Document date: Not stated · Supports

    Source reference: NC1-R03 · Party primary

    Source URL

    https://www.whitefiber.com/nc-1

  2. NC-1 master services agreement signed November 22, 2025

    SEC / WhiteFiber · Document date: Mar 26, 2026 · Supports

    Source reference: NC1-R05 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026034341/ea027830501ex10-29.htm

Fiber and network services · MSA allows customer funded third party fiber connections and offers transit/dark fiber or managed BGP and cross connects. No named installed carriers or route redundancy established. system

Contract rights; not verified live circuits · WhiteFiber NC-1 (Project)

Claim AST-WD-N-FIBER · Recorded claim type: Contract rights; not verified live circuits · Review: Approved · Claim date: Nov 22, 2025

  1. NC-1 master services agreement signed November 22, 2025

    SEC / WhiteFiber · Document date: Mar 26, 2026 · Supports

    Source reference: NC1-R05 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026034341/ea027830501ex10-29.htm

Power resilience and maintenance scope · MSA maintenance covers UPS, switchgear, generators and distribution; delivered capacities, generator fuel and site wide redundancy topology are not disclosed. Generic N or 2N service language is not proof of every hall configuration. system

Contractual maintenance obligations · WhiteFiber NC-1 (Project)

Claim AST-WD-N-RESILIENCE · Recorded claim type: Contractual maintenance obligations · Review: Approved · Claim date: Nov 22, 2025

  1. NC-1 master services agreement signed November 22, 2025

    SEC / WhiteFiber · Document date: Mar 26, 2026 · Supports

    Source reference: NC1-R05 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026034341/ea027830501ex10-29.htm

Air regulatory classification · DAQ facility 7900195, Enovum Data Centers at 805 Island Drive, is listed Permit Exempt; underlying decision date and document are not supplied. Not a building occupancy or water authorization. regulatory record

Official dataset classification observed October 27 2026 · WhiteFiber NC-1 (Project)

Claim AST-WD-N-PERMIT · Recorded claim type: Official dataset classification observed October 27 2026 · Review: Approved · Claim date: Not stated

  1. Enovum Data Centers — DAQ facility 7900195

    NC DEQ / Division of Air Quality · Document date: Not stated · Supports

    Source reference: NC1-R04 · Official primary

    Source URL

    https://services2.arcgis.com/kCu40SDxsCGcuUWO/arcgis/rest/services/ethan_Test1/FeatureServer/0/query?f=json&outFields=%2A&returnGeometry=false&where=DAQ_FACILITY_ID%3D%277900195%27

County incentive proposal · October 6, 2025 agenda proposed a performance based grant equal to 40% of county property taxes paid. Defined term and conditions depend on agreement; executed approval and payments not verified. incentive scope

Public hearing proposal; not awarded cash · WhiteFiber NC-1 (Project)

Claim AST-WD-N-INCENTIVE · Recorded claim type: Public hearing proposal; not awarded cash · Review: Approved · Claim date: Oct 6, 2025

  1. October 6, 2025 commissioners public-hearing agenda

    Rockingham County · Document date: Oct 6, 2025 · Supports

    Source reference: NC1-R08 · Official primary

    Source URL

    https://www.rockinghamcountync.gov/sitefiles/boards/agenda10012025083040349.pdf?dt=051926550219

Real estate purchase agreement signed · 2025-04-10 — Completed milestone

Completed; day precision · WhiteFiber NC-1 (Project)

Claim STATIC-MS-WD-N-01 · Recorded claim type: Completed; day precision · Review: Approved · Claim date: Not stated

  1. April 10, 2025 real-estate purchase agreement

    SEC / Bit Digital · Document date: Apr 10, 2025 · Supports

    Source reference: NC1-R06 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/1710350/000121390025032598/ea023841901ex10-1_bitdigi.htm

Acquisition completed for $45m base cash consideration · 2025-05-20 — Completed milestone

Completed; day precision · WhiteFiber NC-1 (Project)

Claim STATIC-MS-WD-N-02 · Recorded claim type: Completed; day precision · Review: Approved · Claim date: Not stated

  1. WhiteFiber Q2 2026 Form 10-Q

    SEC / WhiteFiber · Document date: Aug 12, 2026 · Supports

    Source reference: NC1-R01 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm

Duke electric service agreement assigned to NC-1 Bidco · 2025-08-04 — Completed milestone

Completed; day precision · WhiteFiber NC-1 (Project)

Claim STATIC-MS-WD-N-03 · Recorded claim type: Completed; day precision · Review: Approved · Claim date: Not stated

  1. WhiteFiber Q2 2026 Form 10-Q

    SEC / WhiteFiber · Document date: Aug 12, 2026 · Supports

    Source reference: NC1-R01 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026088026/ea0300877-10q_whitefiber.htm

Nscale master services agreement signed · 2025-11-22 — Completed milestone

Completed; day precision · WhiteFiber NC-1 (Project)

Claim STATIC-MS-WD-N-04 · Recorded claim type: Completed; day precision · Review: Approved · Claim date: Not stated

  1. NC-1 master services agreement signed November 22, 2025

    SEC / WhiteFiber · Document date: Mar 26, 2026 · Supports

    Source reference: NC1-R05 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026034341/ea027830501ex10-29.htm

Initial customer deployment and billing began during Q3 2026 · Q3 2026 — reported achieved quarter only milestone

Reported achieved quarter only; quarter precision · WhiteFiber NC-1 (Project)

Claim STATIC-MS-WD-N-05 · Recorded claim type: Reported achieved quarter only; quarter precision · Review: Approved · Claim date: Not stated

  1. WhiteFiber September 2026 investor presentation

    SEC / WhiteFiber · Document date: Sep 14, 2026 · Supports

    Source reference: NC1-R02 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026099424/ea030525701ex99-1.htm

Nscale tenant deployment DDTL commitment closed; draw not disclosed · 2026-08-31 — Commitment closed milestone

Commitment closed; day precision · WhiteFiber NC-1 (Project)

Claim STATIC-MS-WD-N-06 · Recorded claim type: Commitment closed; day precision · Review: Approved · Claim date: Not stated

  1. Nscale closes DDTLs for Ward County and Madison deployments

    Nscale · Document date: Aug 31, 2026 · Supports

    Source reference: NC1-R07 · Party primary

    Source URL

    https://www.nscale.com/press-releases/nscale-3-billion-delayed-draw-term-loans

99 gross MW utility target under commercially reasonable efforts · 2029-05 — Conditional forecast milestone

Conditional forecast; month precision · WhiteFiber NC-1 (Project)

Claim STATIC-MS-WD-N-07 · Recorded claim type: Conditional forecast; month precision · Review: Approved · Claim date: Not stated

  1. WhiteFiber September 2026 investor presentation

    SEC / WhiteFiber · Document date: Sep 14, 2026 · Supports

    Source reference: NC1-R02 · Party primary

    Source URL

    https://www.sec.gov/Archives/edgar/data/2042022/000121390026099424/ea030525701ex99-1.htm

Counterparties and capital

WhiteFiber · Developer and owner per issuer · CMP-1449

Enovum Data Centers Corp. · Original property purchaser and development subsidiary

Enovum NC-1 Bidco LLC · Contracting colocation operator and electric service assignee

Enovum NC-1 Venture LLC · Issuer reported owner of NC-1 Bidco; not independent deed proof

Nscale · Anchor colocation customer/licensee; tenant deployment debt separate · CMP-0393

Duke Energy Carolinas, LLC · Electric utility

Unifi Manufacturing, Inc. · Property seller and former occupant

White fiber landlord permanent financing status

Amount not disclosed · Aug 12, 2026

Lender exclusivity and diligence disclosed; definitive documents and customary approvals/conditions outstanding. Closing and amount not established in reviewed sources.

Legacy figure

Counterparties not specified.

Sources (1)
Evidence record

Financing record legacy-financing-AST-WD-N-FIN-PENDING; claim-specific source links appear in the exhibit sources where published.

Nscale Madison deployment financing

Up to $1,200,000,000 committed; drawn amount not disclosed · Aug 31, 2026

Up to$1.2bn closed commitment for Nscale Madison tenant deployment: retrofit, GPUs and networking. Drawn amount undisclosed. Not WhiteFiber landlord financing, not Ward County$1.85bn, and not an additive approximately$3bn headline. Madison borrower SPV not named in release.

Nscale (Deployment sponsor and beneficiary) · Goldman Sachs (Lead left arranger; joint lead arranger, bookrunner and co structuring agent) · J.P. Morgan (Joint lead arranger, bookrunner and co structuring agent)

Legacy figure
Sources (1)
Evidence record

Financing record legacy-financing-AST-WD-N-TENANT-DDTL; claim-specific source links appear in the exhibit sources where published.

This schedule captures public Cartis research. It is not a title, lien or legal-opinion report. Document page/section locators and claim review timestamps are included only when published; this version has no separate locator or claim-review-time feed.